The Ministry for Information Technology and Telecom (MOITT) and Ignite National Technology Fund have successfully launched their 6th National Incubation Center (NIC) in Hyderabad.
According to the details, Syed Amin-Ul-Haque, IT & Telecom Minister, inaugurated the state-of-the-art Incubation Center in Hyderabad on Monday. NIC Hyderabad is looking forward to polishing the entrepreneurial potential of the young people in the city by offering them a platform to work on their business ideas.
Ignite has developed the biggest incubation network in Pakistan, which has incubated over a thousand startups so far which have generated around 115,000 jobs and raised funding of $73 million.
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Addressing the occasion Federal Minister for IT & Telecom said, “In line with the vision of the Government of Pakistan (GoP) for accelerated digitization and transformation of Pakistan into a knowledge-based economy to spur economic growth through innovation and entrepreneurship, Ignite has established National Incubation Centers (NICs) in different cities. The key objective of this NIC program is to facilitate talented entrepreneurs and provide them with all necessary support for the transformation of their innovative idea into a sustainable business.”
He said that MOITT has set up five incubation centers in Islamabad, Lahore, Karachi, Quetta, and Peshawar through Ignite and is also planning to expand its network to other cities. “The establishment of the National Incubation Center in Hyderabad will be a revolutionary step for the youth of Hyderabad and its surrounding rural and urban areas to transform the traditional business approach into a modern technology-oriented one,” added IT Minister.
Moreover, IT Minister underlined the advantages of NIC Hyderabad and stated that this state-of-the-art facility is providing help to increase the growth of startups. The export of IT and IT-enabled services grew considerably; Pakistan’s IT sector contributes 1 percent to the GDP, which makes around $3.5 billion.
Through the National Incubation Programs, 111,000 jobs have been generated and MoUs have been made for the investment of Rs. 9.46 billion whereas the revenue of Rs. 4.47 billion has been generated. In addition, 2,412 employment opportunities were generated under the Tech Innovation Grants whereas around Rs. 700 million of investment and Rs. 350 million of revenue were achieved.